Macron commits €8bn to fuel virus-hit French carmakers

Ania Nussbaum and Tara Patel

The plan will include a subsidy of €7,000 for the purchase of electric cars and aims to increase production to 1-million electric or hybrid vehicles a year by 2025, Macron said during a visit to a Valeo plant in northern France that makes equipment for hybrid drivetrains. The plan is one of a trio of industrial stimulus packages pledged by Finance Minister Bruno Le Maire in recent weeks. The state already earmarked €18bn for the tourism industry and is preparing to help the aviation sector as well. The car industry employs 400,000 people in France, with roughly 30 vehicle and parts factories dotted across the country.

Renault plans to shut one engine and transmission factory and is mulling the future of four other production sites in France as part of a cost-cutting plan to be unveiled Friday, Franck Daout, a spokesperson for the CFDT union, said Tuesday.

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